Martin Marietta Materials Inc must divest an Oklahoma quarry and two Texas rail yards in order to proceed with its proposed $2.7 billion acquisition of Texas Industries Inc, the U.S. Department of Justice said on Thursday. Without the divestiture, the proposed acquisition was likely to result in higher prices for purchasers of aggregate in parts of the Dallas metropolitan area, the DOJ said.
Martin Marietta Materials, Inc., is the producer of aggregates products (crushed stone, sand, and gravel) for the construction industry, including infrastructure, nonresidential, residential, railroad ballast, agricultural, and chemical grade stone used in environmental applications. Shares of MLM fell by 0.79% or $-1.04/share to $129.89. In the past year, the shares have traded as low as $94.01 and as high as $136.36. On average, 653905 shares of MLM exchange hands on a given day and today's volume is recorded at 32429.
Texas Industries, Inc. is a supplier of construction materials in the southwestern United States. Shares of TXI fell by 0.89% or $-0.812/share to $90.88. In the past year, the shares have traded as low as $53.23 and as high as $95.35. On average, 167200 shares of TXI exchange hands on a given day and today's volume is recorded at 9869.
Source
